Kyle Lowry signs one-year, $31 million contract extension with Raptors

The Toronto Raptors are rewarding their legendary point guard with some extra money in the bank.

The team announced Monday that they have signed the five-time NBA All-Star to a one-year, $31 million extension that will keep him under contract with the team through the 2020/2021 season.

The 33-year old, who will be entering his eighth season with the franchise, has one-year remaining on the three-year, $100 million contract he signed back in the summer of 2017.

Lowry is coming off an impressive postseason where he averaged 15.0 points, 6.6 assists and 4.9 rebounds in 24 games, and played a pivotal role in clinching the franchise’s first-ever NBA title in June.